DISCONTINUED OPERATIONS (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
| SCHEDULE OF ASSETS AND LIABILITIES OPERATIONS OF THE DISCONTINUED OPERATIONS |
The following table presents the major classes of
assets and liabilities of the discontinued operations related to the Subsidiaries:
SCHEDULE
OF ASSETS AND LIABILITIES OPERATIONS OF THE DISCONTINUED OPERATIONS
| | |
December 31, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| Assets of discontinued operations: | |
| | | |
| | |
| Accounts receivable, net | |
$ | 419 | | |
$ | 807,838 | |
| Prepaid expenses and other current assets | |
| - | | |
| 158,216 | |
| Property and equipment, net | |
| - | | |
| 891,139 | |
| Assets of discontinued operations, current portion | |
| 419 | | |
| 1,857,193 | |
| Total assets of discontinued operations | |
$ | 419 | | |
$ | 1,857,193 | |
| | |
| | | |
| | |
| Liabilities of discontinued operations: | |
| | | |
| | |
| Notes payable, current portion | |
$ | 2,467,432 | | |
$ | 3,010,866 | |
| Accounts payable | |
| 1,286,931 | | |
| 1,119,433 | |
| Accrued expenses | |
| 394,198 | | |
| 391,780 | |
| Lease liabilities, current portion | |
| 2,522,042 | | |
| 2,522,042 | |
| Liabilities of discontinued operations, current portion | |
| 6,670,603 | | |
| 7,044,121 | |
| Total liabilities of discontinued operations | |
$ | 6,670,603 | | |
$ | 7,044,121 | |
The following table summarizes the results of operations
of discontinued operations:
| | |
| | |
| |
| | |
Year Ended December 31, | |
| | |
2024 | | |
2023 | |
| Revenues | |
$ | 1,371,993 | | |
$ | 19,619,681 | |
| Cost of revenues, excluding depreciation and amortization | |
| 1,452,171 | | |
| 14,278,251 | |
| Gross profit (loss) | |
| (80,178 | ) | |
| 5,341,430 | |
| Operating expenses | |
| (744,942 | ) | |
| (11,397,695 | ) |
| Impairment loss | |
| (555,628 | ) | |
| (4,107,226 | ) |
| Other expenses | |
| (337,761 | ) | |
| (1,574,954 | ) |
| Loss from discontinued operations | |
$ | (1,718,509 | ) | |
$ | (11,738,445 | ) |
|
| Discontinued Operations [Member] |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
| SCHEDULE OF ACCOUNTS RECEIVABLE NET FROM DISCONTINUED OPERATIONS |
On December 31, 2024 and 2023, accounts receivable,
net included in assets from discontinued operations consisted of the following:
SCHEDULE
OF ACCOUNTS RECEIVABLE NET FROM DISCONTINUED OPERATIONS
| | |
December 31, 2024 | | |
December 31, 2023 | |
| Accounts receivable | |
$ | 419 | | |
$ | 1,065,024 | |
| Allowance for credit estimated losses | |
| - | | |
| (257,186 | ) |
| Accounts receivable, net | |
$ | 419 | | |
$ | 807,838 | |
|
| SCHEDULE OF PROPERTY AND EQUIPMENT INCLUDING ASSETS FROM DISCONTINUED OPERATIONS |
As of December 31, 2024 and 2023, property and equipment
included in assets from discontinued operations consisted of the following:
SCHEDULE
OF PROPERTY AND EQUIPMENT INCLUDING ASSETS FROM DISCONTINUED OPERATIONS
| | |
Useful Life | |
December 31, 2024 | | |
December 31, 2023 | |
| Revenue equipment | |
3 - 20 years | |
$ | - | | |
$ | 1,841,546 | |
| Machinery and equipment | |
1 - 10 years | |
| - | | |
| 204,665 | |
| Office equipment and furniture | |
1 - 3 years | |
| - | | |
| 22,260 | |
| Leasehold improvements | |
1 - 3 years | |
| - | | |
| 63,710 | |
| Subtotal | |
| |
| - | | |
| 2,132,181 | |
| Less: accumulated depreciation | |
| |
| - | | |
| (1,241,042 | ) |
| Property and equipment, net | |
| |
$ | - | | |
$ | 891,139 | |
|
| SCHEDULE OF NOTES PAYABLE INCLUDED IN LIABILITIES |
On December 31, 2024 and 2023, notes payable included
in liabilities of discontinued operations consisted of the following:
SCHEDULE
OF NOTES PAYABLE INCLUDED IN LIABILITIES
| | |
December 31, 2024 | | |
December 31, 2023 | |
| Principal amounts | |
$ | 2,467,432 | | |
$ | 3,010,866 | |
| Less: current portion of notes payable | |
| (2,467,432 | ) | |
| (3,010,866 | ) |
| Notes payable – long-term | |
$ | - | | |
$ | - | |
|
| SCHEDULE OF RIGHT TO USE ASSET |
On December 31, 2024 and 2023, right-of-use asset
(“ROU”) included in assets of discontinued operations is summarized as follows:
SCHEDULE
OF RIGHT TO USE ASSET
| | |
| December 31, 2024 | | |
| December
31, 2023 | |
| Office leases and equipment right of use assets | |
$ | - | | |
$ | - | |
| Less: accumulated amortization | |
| - | | |
| - | |
| Balance of ROU assets | |
$ | - | | |
$ | - | |
|
| SCHEDULE OF OPERATING LEASE LIABILITY TO ROU ASSET |
On December 31, 2024 and 2023, operating and financing
lease liabilities related to the ROU assets are included in liabilities of discontinued operations and are summarized as follows:
SCHEDULE
OF OPERATING LEASE LIABILITY TO ROU ASSET
| | |
December 31, 2024 | | |
December 31, 2023 | |
| Lease liabilities related to office leases and revenue equipment right of use assets | |
$ | 2,522,042 | | |
$ | 2,522,042 | |
| Less: current portion of lease liabilities | |
| (2,522,042 | ) | |
| (2,522,042 | ) |
| Lease liabilities – long-term | |
$ | - | | |
$ | - | |
|